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  • Brain monitoring market Restraints and Challenges
brain monitoring market

Brain monitoring market Restraints and Challenges

Posted on January 2, 2023 By Master Henry No Comments on Brain monitoring market Restraints and Challenges
Health

By recording any irregularities in human brain functions, brain monitoring gadgets assist in detecting and monitoring the various brain activities. The electrical and neurological functions of the brain are monitored and diagnosed with its assistance. The ability to display and analyze a person’s neurologic problems is made possible by brain monitoring equipment.

The market for brain monitoring in 2021 was USD 5.78 billion and will reach USD 10.09 billion by 2030 at a 7.2% CAGR during 2021-2030. 

The global market for brain monitoring is expanding as a result of the rising frequency of neurological disorders such as Parkinson’s disease, epilepsy, Alzheimer’s disease, and others over a long period. 

Market Trends and Drivers

The rising rate and prevalence of neurological illnesses are the main reason driving the market’s expansion. The frequency of neurological illnesses such as dementia, headache disorders, epilepsy, Parkinson’s disease, neuro infections, stroke, Huntington’s disease, multiple sclerosis, and cerebral palsy has significantly increased. This can be largely due to the aging population, which will increase to 20% of the world’s population by 2050. By 2030, the American Medical Association (AMA) projects that at least 60% of people 65 and older will have more than one chronic illness.

Monitoring brain and neurological function are crucial due to the increased prevalence of certain neurological illnesses. In addition, the prevalence of various illnesses and conditions is rising, including cardiac abnormalities and sickle-cell diseases. Another reason that influences the need for brain monitoring equipment is the potential impact of cardiac procedures on the brain’s normal function.

Market Restraints and Challenges

The high cost of sophisticated brain monitoring techniques and technologies is one of the main obstacles to the expansion of the global brain monitoring industry. One of the main factors holding back the global market for brain monitoring is its expensive cost, particularly in poorer nations with lax reimbursement regulations. Devices monitoring the brain are quite complicated, and the procedures required to use them are typically expensive.

Healthcare facilities find it challenging to obtain MEG devices due to the expensive cost, even in nations where high-tech medical equipment is widely used. Additionally, maintenance and other related indirect costs raise these devices’ overall cost of ownership, restricting their acceptance.

Opportunities

Numerous government programs aim to create fresh and innovative technologies, such as BRAIN, which was launched in the United States in April 2013 to promote R&D in the brain. The Advanced Research Projects Activity (IARPA) created BRAIN, a non-invasive cerebral intervention program, to enhance reasoning and problem-solving.

Market Segmentation

Product Insights

In 2020, the brain monitoring market ruled the overall market and generated 76.3% of the total revenue share. Factors influencing the growth of this segment are the rising prevalence of neurological, neurodegenerative, sleep, and psychotic disorders, the necessity of early diagnosis, the accessibility of portable and wearable monitoring devices that can be used at home, and the rise in patient awareness.

Procedure Insights

Due to the increase in traumatic brain injuries, the high acceptance rate of minimally invasive devices, and the low death rate, the non-invasive segment will have the quickest growth. Additionally, skeletal muscle microvasculature can be simultaneously measured using developing non-invasive technology like Near-infrared diffuse correlation spectroscopy (NIR-DCS), which measures oxygen delivery and use.

Application Insights

Traumatic brain injury (TBI) rules the market for brain monitoring devices in terms of applications. The rising prevalence of traumatic brain injuries worldwide, which is driving up demand for brain monitoring equipment in the management of these patients, is majorly responsible for the growth of this market segment.

End-User Insights

In 2020, the hospital sector held a 61.4% share of the global market for brain monitoring. The procedure of monitoring the brain is difficult and requires sophisticated equipment that is typically only present in hospitals. Hospitals see a greater inflow of patients than small clinics or other users. Hospitals also have enough funding to pay for the upkeep of brain monitoring equipment.

Regional Insights

In 2021, North America ruled the entire market with 35.6% of the revenue share. Major factors influencing the largest market share of this region are the expanding prevalence of chronic eye illnesses, including AMD, diabetic retinopathy, glaucoma, and dry eye syndrome, as well as growing awareness and the broad availability of commercialized eye health supplements. An increase in Brain Monitoring product releases in the region is another important element boosting the market growth in North America.

Key Players

  • Masimo Corporation
  • Advanced Brain Monitoring, Inc.
  • Drägerwerk Ag & Co. Kgaa
  • Cadwell Industries, Inc.
  • Cgx (A Cognionics Company)
  • Natus Medical, Inc.
  • Neurowave Systems, Inc.
  • Neurosoft
  • Philips Healthcare
  • Ge Healthcare
  • Nihon Kohden Corporation
  • Siemens Healthineers
  • Edwards Lifesciences
  • Compumedics Limited
  • Integra Lifesciences
  • Medtronic Plc
  • SpiegelbergGmbh& Co. Kg.
  • Other Players

The market for brain monitoring in 2021 was USD 5.78 billion and will reach USD 10.09 billion by 2030 at a 7.2% CAGR during 2021-2030. The growing incidence of neurological diseases is driving the growth of the brain monitoring market. 

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